Budget 2024 looks to speed up job growth, increase salaries

Efforts to boost the labour market in Malaysia will see a six-pronged solution to help increase employment for women, amongst other initiatives.
By: | October 17, 2023
Topics: Employee Experience | Malaysia | News | Professional Development | Recruitment | Talent Management

The Social Security Organisation (Socso) will see six initiatives in the 2024 Budget implemented by the agency as a reflection of the government’s determination to catalyse the growth of new jobs, thus unravelling the gaps in the social protection net, reported Malay Mail.

The group’s Chief Executive Officer Datuk Seri Mohammed Azman Aziz Mohammed said the Socso Career Building initiative, Employment Support, integration of target groups in the public sector and tax exemptions for hiring women employees can boost the country’s labour market, and in line with the government’s objective to create 1.34 million jobs.

“Emphasis on skills improvement initiatives can equip employees in the informal and formal sectors to venture into new career opportunities. This network of employability is expected to exist in line with the economic transition to digitisation, renewable energy, and green jobs,” he said in a statement today.

Meanwhile, Mohammed Azman said the total number of female job seekers for the period from January to October 6 was 198,751, including those employed and seeking new opportunities and those currently unemployed.

“With the Budget 2024 initiative as announced by Prime Minister Datuk Seri Anwar Ibrahim, it will be in line to further increase women workforce in the labour market with a targeted 60 % participation rate as planned in the Madani Economic Framework,” he said.

Looking to strengthen the social protection network, Azman explained that the government’s is looking to protect employees in the care economy sector and the self-employed, especially gig employees.

In addition, Azman said the government’s move to raise the insured salary ceiling to RM6,000 (USD $ 1266.09) will increase cash benefits by 20.2 % for the benefit of 1.45 million employees and their dependents, thus protecting the welfare of the people.

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Azman said the decision to increase the contribution matching grant to 90 % (previously 80 %) will increase the disposable income of 477,281 individuals.

The presentation of Budget 2024 on Friday (Oct 13) saw the Federal Government allocating more than RM200 (USD $42.2) million to Socso to lead the implementation of initiatives including strengthening the social protection network and boosting the national labour market.